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annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

Can anyone in forum guide my friend?

"We are an adult family of 4, and 3 of us are unemployed due to lay offs and job loss. We have depleted what little savings we had to keep our heads a float. We are and have always been current on our mortgage never paid late. And also they debit directly biweekly mortgage payments.We contacted our mortgage company to find out about possible refinancing or modification they said they'll call us back. But in the mean time I'm getting nervous about what we should do. We were bringing in $3700/mth net and now only $2500/mth net. We contacted our car payment lender and they extended the terms to drop payment by $20. We've contacted our home improvement loan company but they are unwilling to drop payment or lower interest rate. We had to take out an SBA loan to cover damages caused by the Iowa floods this past year as well. We are drowning. Is there any other help out there to keep our heads a float until we can get jobs? We are having to fill gaps with our credit card due to health issues that popped up. Any suggestions would be greatly appreciated"

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

At thispoint your fridn need to contact the bank and ask for loan modification process as they did. They will need to submit documents provign that they have financial difficulty

The modification process is long for sure, so yoru frind need to be patinet and keep callign the bank

Good nes is that the banks has not denied the modification

kas_mah80 · Joined: 06 Sep 2009 Posts: 31 -0.11 Dollars($)

yeah sunnyc are right your freiend need to talk with bank for his problem ,

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